In this round of market, many talents have discovered that an old logic has already died!

The reasons are quite realistic:

① The structure of funds has changed

In the past, retail investors' hot money was like "flooding", but today it is dominated by ETFs, institutions, and large compliant funds.

These funds are not here to gamble with their lives; they have strict risk control and return requirements, and will not blindly rush into all sectors like before.

② Hotspots are highly concentrated

The current market narrative revolves around AI, RWA, and stablecoins; funds are spotlighting a few tracks, while the remaining projects can only shiver in the shadows.

③ Selling pressure is too heavy

Several rounds of declines have washed out a lot of trapped positions. As soon as the price rebounds, some people can't wait to break even and sell off, directly choking the sustainability of the rise.

④ Players' mentality has changed

After the bear market, the surviving players are more willing to huddle around the leading ones for warmth, unwilling to give opportunities to air coins without fundamentals; naturally, funds concentrate on a few targets.

To summarize:

This is an era where the winner takes all, not every altcoin can enjoy equal treatment.

Funds, attention, and liquidity are accelerating towards a few quality tracks and leaders; the remaining projects are either marginalized or slowly heading to zero.